NEW YORK: US stocks surged on Friday, with the Dow average hitting a five-week high, after a surprisingly strong durable goods report bolstered investors’ confidence that an economic rebound is on its way and traders snapped up shares hit in Thursday’s sell-off.
The market waffled around unchanged in early trading, but staged a late-day rebound that helped the Dow Jones industrial average post its biggest one-day percentage gain since mid-June and its fourth straight week of gains.